Amount Transferred to Children

Nimesh joshi (Office Executive ) (86 Points)

22 August 2022

How much amount can a father transfer to his daughter, not dependent, for expenses.

Reply
Follow
Share

6 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (183048 Points)
Replied 22 August 2022

There is no cap in any act. Depends upon standard of living.

The amount is non deductible from any income, i.e. it should be after tax liability, if any.

Nimesh joshi (Office Executive ) (86 Points)
Replied 22 August 2022

But is it taxable to recipient, that is my daughter

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (183048 Points)
Replied 22 August 2022

No. Because you are her "relative" as per sec. 56(2) of IT act....

Its advisable to give her through any banking channel, but not by cash.

Eswar Reddy S (CFO- at NHTF) (58275 Points)
Replied 22 August 2022

You may consider it as a loan which doesn't require formalities and even it is not taxable

CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 22 August 2022

Transfer any amount as gift no tax liability arises for both.

sabyasachi mukherjee (27642 Points)
Replied 23 August 2022

There is no cap on amount transferred to children.

Start a New Discussion